The Europe HVDC Transmission Market would witness market growth of 5.3% CAGR during the forecast period (2023-2030).
HVDC interconnections between neighbouring countries or regions facilitate cross-border electricity trading. This allows for efficient utilization of energy resources and can lead to economic benefits for both parties. HVDC transmits electricity across geographical barriers such as mountains, deserts, and bodies of water. The applications of HVDC transmission continue to evolve as the energy landscape changes, with a growing emphasis on renewable energy integration, grid modernization, and cross-border energy cooperation. HVDC technology enables efficient and reliable electricity transmission in various scenarios.
In some cases, governments provide incentives and funding for HVDC projects. While HVDC technology offer many benefits, it faces challenges, such as high initial costs, technical complexities, and regulatory issues. Converting existing AC infrastructure to HVDC can be expensive and logistically challenging.
Europe's geography includes various bodies of water, making undersea and subsea HVDC cable connections essential for connecting offshore wind farms and interconnecting islands with the mainland grid. Projects like the North Sea Link between the UK and Norway and the NordBalt interconnector between Lithuania and Sweden demonstrate the use of HVDC for these applications. Many European countries are working on developing energy islands, which are self-sufficient regions with significant renewable energy capacity. HVDC transmission can connect these islands to the mainland grid and enable energy exchange. These factors will drive the market’s growth in this region in the coming years.
The Germany market dominated the Europe HVDC Transmission Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $971.1 million by 2030. The UK market is exhibiting a CAGR of 4.5% during (2023 - 2030). Additionally, The France market would experience a CAGR of 6.1% during (2023 - 2030).
Based on Project Type, the market is segmented into Point-to-point (Monopolar Transmission Systems, and Bipolar Transmission Systems), Back-to-back, and Multi-terminal. Based on Technology, the market is segmented into Line Commutated Converter (LCC), Capacitor Commutated Converter (CCC), and Voltage Source Converter (VSC). Based on Application, the market is segmented into Bulk Power Transmission, Interconnecting Grids, and Infeed Urban Areas. Based on Component, the market is segmented into Converter Stations, Transmission Cables, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global HVDC Transmission Market will Hit $16.5 Billion by 2030, at a CAGR of 5.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Hitachi, Ltd., Mitsubishi Electric Corporation, Siemens Energy AG, General Electric Company, Prysmian Group, Toshiba Corporation, NKT Photonics A/S (NKT A/S), Nexans S.A., LS ELECTRIC CO., Ltd, and NR Electric Co., Ltd. (NARI Technology Development Limited Co.)
By Project Type
By Technology
By Application
By Component
By Country
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